CSC Financial: Market bottom is likely confirmed, oversold recovery rally begins.

A CITIC Securities research report indicates that the late-October low was most likely already this round's market bottom. AIAE shows valuations are on the low side, and November marks the starting point of recovery, though the pace is more likely to be "two steps forward, one step back," with the slope of recovery still subject to certain constraints. Market-stabilization policy has shifted from emergency support to mechanism building: Central Huijin's "quasi-stabilization fund," Guoxin and Chengtong's "structural guidance," and broad-based ETF inflows together with relending for buybacks and increased holdings jointly form the lower bound, and the late-October level can be regarded as a short-term bottom support reference. Overseas rate hikes, the Nvidia incident, and uncertainty over AI regulation have short-term raised the risk premium while medium-term reinforcing the logic of self-reliance and controllability. At year-end, watch valuation switching: institutional positions are concentrated, and the odds for catch-up gains come from "underweight + low crowding," while also positioning in cross-year themes. Sectors to focus on: defense, agriculture, forestry, animal husbandry and fishery, food and beverage, pharmaceuticals, banks, non-bank financials, utilities, etc. Themes to watch: AI short dramas, physical AI, domestic computing power, etc.